Never miss an important update |
Click to get notified about important updates only. |
99 Alternatives
Opportunities are Infinite
It is a scheme where a fake organisation enrols innocent people into a business that offers them worthless products or investment plans. It happens at multiple levels where a recruit is asked to bring in others to join the plan to earn money.
One has to pay a fee to get into such schemes, and then you create a chain of people by asking others in friends or family to join. If you get recruits, you are paid out of the receipts.
Such schemes require recruits to keep the chain going. Every new person brings in the joining fee and some basic deposits used to pay the former members.
The money offered by recruits is not invested in products or the production of any item. All the funds collected through the people who join the chain is passed up the chain. Such plans are unauthorised and worthless, and if you lose money, there is no chance to get it back.
Those who start the scheme are on the top of the pyramid and get the highest portion of the earnings, and in the end, all the recruits lose their capital.
Such trades are illegal because it is not based on actual production and sale. Instead, the fraudsters use pressure tactics or bogus claims to get rushed decisions from the investors, and they give no time to consider the nature of business.
Instead, they offer attractive brochures and documents with graphs showing long term huge gains in future, which attract new investors into their plans.
Although their offers appear legitimate, they use technical terms and offer lucrative job titles to the trainees, who are asked to pay to join and learn tricks of the business; those seeking supplementary earnings through small investments register to their websites as it appears professional and credible.
People contacted for any such offers should check the firm's authenticity, investigate its status on authorised websites, and check the contact details and work histories to find out more about them. In addition, they should seek expert advice and conduct independent research on their business profile to ensure the offers.
If you are approached by someone offering multiple level investment plans that claim to deliver huge profits in a short period and has no associated risk.
If you are asked to pay a fee to join the firm.
You are pressured to contact others who can join the scheme, and you are told you can earn from each new member you bring.
If you suspect you have been defrauded, report it to the authorities.
If you are an active member of such a scheme, try to break off contact and not invest more into their plans.
If you consider investing in any such scheme, try to find out all the information and conduct complete research on it. Do not be lured by attractive profit rates or colourful brochures.
Often people who join such schemes are asked to sell products with no resale value. One should inspect the items carefully before buying or selling worthless items to close friends or family.
If you have already provided all your bank details and other information, alert your bank.
Always keep multiple copies of all the documents you receive from such firms as they can be used as evidence to report to authorities.
Such groups often share the personal details of people they have already targeted. Hence, if you have joined such schemes, you may be approached by similar platforms, where they use different identities but could be the initial operators' partners.
Those who have fallen for such schemes may be contacted by them impersonating law enforcement or lawyers, who advise paying some upfront fee to get the lost money back.
Raise concerns if you suspect fraud and have lost money in such schemes.
To add to Address financial fraud and scams, the UK...
Most banks are now facing an epidemic of scams, with an...
The Treasury committee asked the UK ministers to use a...
Millions Are Lost in Cryptocurrency Frauds Each Year,...
One of the victims received an email related to the...
An emergency hotline number 159 has been formed to...
Impact investing in real estate is a growing trend with...
Whether buying your first home or selling your...
What is better Silver or Sterling Silver? We all know...
How much do Twitch Streamers Make? Man is fun-loving...
Shorting a stock is one of the most outstanding...
PayPal is a world leader that allows any business or...
Copyright © 2023 99alternatives Ltd. All rights reserved.
Designed and Managed by Mont Digital